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MDxHealth Announces Preliminary Update on 2016 Results and Appointment of CFO

Written by DS on in the category news with the tags , .


MDxHealth SA today provides a preliminary update on its year-end results, reporting that it expects to achieve its upgraded market guidance for full-year 2016 financial results following continued strong growth of ConfirmMDx® and early adoption of SelectMDx(TM) for Prostate Cancer during the year.

The Company previously upgraded its expected full-year revenue growth to more than 60% compared with its initial guidance predicting growth of 30-50% over 2015. Underlying Earnings Before Interest, Taxes, Depreciation and Amortization (EBIDTA) are also expected to improve compared to 2015.

Full-year 2016 results will reflect initial sales of the Company's SelectMDx for Prostate Cancer "liquid biopsy" test. Since commercial launch of SelectMDx, more than 3,000 patients have been tested and 11 U.S. insurance companies have agreed to cover the test. The Company has also signed 7 distribution agreements for SelectMDx, covering regions in Europe, Israel, Latin America and Asia.

More on MDxHealth.

"In 2016 we experienced a significant increase in payor adoption of ConfirmMDx, with 19 new payor agreements and 28 commercial and Medicare Advantage payors issuing positive medical policy, following the test's inclusion in the US National Comprehensive Cancer Network (NCCN) Clinical Guidelines earlier this year," reported Dr. Jan Groen, Chief Executive Officer of MDxHealth. "This translated into a sharp revenue increase for the year, which we plan to build upon in 2017."

MDxHealth plans to announce its full-year 2016 results on February 23, 2017.

Separately, MDxHealth announces the appointment of Jean-Marc Roelandt as Chief Financial Officer with effect from January 15, 2017.

Mr. Roelandt joins MDxHealth after having served as Chief Financial Officer and Managing Director at BHF Kleinwort Benson (previously known as RHJ International) since 2006. In addition to his responsibilities as a member of BHF Kleinwort Benson Group's executive management, he was also appointed Executive Director and Chief Financial Officer of Kleinwort Benson Bank in London from July 2015 until the acquisition of the BHF Kleinwort Benson Group by Oddo & Cie in 2016.

Mr. Roelandt began his professional career as an audit manager at Ernst & Young and qualified as a certified public accountant (Instituut van de Bedrijfsrevisoren) in 1996, after which he held various senior positions in several publicly-listed Belgian companies, including Chief Financial Officer of Ubizen NV. He holds a master's degree in Applied Economic Sciences from the University of Ghent, Belgium.

"We are delighted to welcome Jean-Marc Roelandt to the executive management team as Chief Financial Officer," commented Dr. Groen. "Jean-Marc's extensive business and financial experience will be invaluable as we continue the successful commercialization of our innovative diagnostic products in the U.S., Europe and other key markets around the world."

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